Equitable Distribution Attorneys Lake Norman, NC
At Daly Mills Family Law, our Lake Norman equitable distribution lawyers fully explain to each of our clients the legal principles North Carolina courts use to divide marital property during a divorce, so there is no confusion about what to expect when outlining the details of the dissolution.
If you are filing for divorce in the Tar Heel State, here is what you need to know about property and asset division.
Is North Carolina a Community Property State?
North Carolina is not a community property state, but instead follows a separate set of rules for property division called equitable distribution — or the process of attempting to divide the couple’s assets fairly.
That means the North Carolina family courts have the leeway to change how assets get split during a divorce if either spouse can make the case that it is fair to do so.
Having a knowledgeable Lake Norman divorce attorney by your side may change the outcome of your property division case, so it is especially important to work with an experienced family lawyer to ensure your rights are protected from the start.
How Does North Carolina Classify Property During a Divorce?
During a divorce, the North Carolina family courts will classify the couple’s property into one of the three categories: Marital property, separate property, and divisible property.
- Marital property includes all property the couple acquired during the marriage.
- Separate property is any property owned by either spouse before the marriage or that was acquired as a gift or inheritance from a third party during the marriage.
- Divisible property is any property that changes positively or negatively in value, including the marital assets or debts after the date of separation, and any income from marital property that either spouse received after their separation.
The property division process will move forward once all property is identified and separated into one of three categories.
The North Carolina divorce court will begin the process with the presumption that an equal split between the parties is fair and then allows either party to submit evidence to rebut that assertion.
To alter the standard 50/50 split during the property division process, the courts may consider:
- The length of the marriage.
- The age and health of each party.
- The income, property, and debts of each party.
- The efforts that each spouse contributed to acquiring marital property.
- Contributions that one spouse made to the other’s education or career development.
- Contributions that increased the value of any separate property.
- Actions by either party that either preserved and increased or wasted and devalued assets.
- Use of the marital home for the custodial parent.
- The expectation of pension and retirement benefits that are separate property.
- The difficulty of evaluating any interest in a business or any assets the business owns.
- Whether marital and divisible properties are liquid or non-liquid.
- The tax consequences to each party.
- Support obligations from past marriages.
The North Carolina divorce courts have the latitude to consider any other factor than those listed above it deems just or proper to make property division decisions.
Our skilled property division lawyers in Lake Norman represent clients throughout North Carolina by thoughtfully and objectively assessing their cases to carefully plan and execute a legal strategy that is designed to reach their personal objectives.
We dedicate our legal skills and resources to ensure your property division objectives are aggressively pursued and your rights protected from the start.
Whether we are negotiating your family law needs outside the courtroom, or aggressively advocating on your behalf inside the courtroom, our highly trained Lake Norman family lawyers offer personalized attention that ensures open and honest communication at every stage of your case.
That includes legal representation involving:
- Separation Agreements
- Property Division
- Child Custody
- Child Support
- Alimony/Spousal Support
- Dividing Retirement Assets
- LGBTQ Family Law
- Military Divorce
- Domestic Violence
- Father’s Rights
Contact Our Lake Norman Property Distribution Attorneys Today for a Consultation
At Daly Mills Family Law, our equitable distribution attorneys in Lake Norman focus on each of our client’s unique legal needs, and that begins by keeping our caseloads small. Each time you contact our office, you will have access to attorneys and support staff who can answer your questions, allay your fears, and develop practical legal solutions that make sense.
It’s a jungle out there. Protect what’s yours. Contact our Mooresville family law attorneys today at (704) 901-8855 or online to develop a partnership that produces actual results.